Trump Entertainment Files for Bankruptcy

CHAPTER 11

Updated Apr. 14, 2017 3:04PM ET / Published Sep. 09, 2014 9:14AM ET

Lucas Jackson/REUTERS

Trump Entertainment Resorts Inc. filed for Chapter 11 bankruptcy protection in Delaware on Tuesday in an effort to protect its $500 million in listed assets. It is the third time the entire company has gone into bankruptcy. As a result of financial losses, the Trump Plaza is set to shut down on Sept. 16, and the famous Atlantic City Taj Mahal hotel may be shuttered by November of this year. It would be the fifth major Atlantic City casino at risk of closing, with the Revel Casino Hotel shutting its doors just last week. The loss of the Taj Mahal would cost 2,800 jobs. Already, Atlantic City has lost 5,200 casino jobs this month. “What happened to Atlantic City, there’s a lot of competition from a lot of other locations,” said founder Donald Trump. “It’s happening all over.”